According to The London Evening Standard, Arsenal are confident that Daniel Ceballos will be at the club beyond June 30 if the season does not finish by then.
Football in England is suspended at the moment due to the coronavirus pandemic.
It is not yet clear when the season could realistically resume, although it has been announced that the campaign will finish.
The London Evening Standard has claimed that Arsenal are confident that if the season runs beyond June 30, then Real Madrid will not oppose Ceballos staying at the Emirates Stadium beyond his scheduled loan period.
The 23-year-old attacking midfielder joined the Gunners on a season-long loan deal from Spanish and European giants Madrid in the summer of 2019.
Ceballos has made 10 starts and four substitute appearances in the Premier League for Arsenal so far this season, providing two assists in the process, according to WhoScored.
The 23-year-old also made three starts and three substitute appearances in the Europa League for the Gunners this campaign, scoring one goal in the process, according to WhoScored.
Mikel Arteta’s side are ninth in the Premier League table at the moment with 40 points from 28 matches, eight points behind fourth-placed and London rivals Chelsea.